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Today in the era of globalization, the entire world has turned into a small village where distance and time are no impediments, it has become a practical impossibility to conduct huge business and detailed transactions merely on verbal and vague assurances. In order to fulfill its goals, a business must rely on contracts to effectively sell its goods and services. To work smoothly and efficiently every business model needs to have legally enforceable contracts. A legal contract formally obligates two or more parties to perform or not to perform certain acts based on the terms and conditions of the contract as negotiated and discussed between the parties. The basic elements which every legal contract must have are offer, acceptance, and consideration, whether the same is oral or written in nature. B&B Associates LLP is an esteemed law firm in Chandigarh having diligent, veteran, and astute lawyers onboard for proficiently dealing in contract law matters.
The Contract law in India is primarily governed by The Indian Contract Act, 1872
The objective of the Contract Act is to ensure that the rights and obligations arising out of the contract are honored. Basic principles of the contract are described from Section 1 to 75, Indemnity and guarantee are mentioned in section 124 to 128, Bailment is explained in Section 148-181, and Agency is described in Section 182 to 238.
Primary component for a contract to be binding, there must be an offer wherein one person signifies the other his willingness to do or not to do something with a view of obtaining assent of the other person. An offer may be expressed or implied, it should be able to give rise to legal consequences and must be capable enough to build a legal relation.
Once an offer is made, it must either be accepted or the same be counter offered. If the offer is rejected, then there is no contract. Acceptance must be given by the person to whom the offer was initially made. Acceptance must be absolute and unqualified. Acceptance must be communicated and be given in a reasonable time.
After an offer is made and accepted, and now in order to bind the parties to the terms of the contract there must be an exchange of consideration. In simple words consideration is nothing but a price paid by the offeree to the offeror like goods in return of money, services in return of money, goods for goods or services for services.
B&B Associates is a team of diligent and seasoned lawyers with profound knowledge in the field of contract law. The firm handles and manages complex multi-million contracts ranging between eminent business entities from the energy, telecom, and infrastructure sector. As a Law Firm, B&B Associates LLP brings credible experience and expertise in commercial legal matters and is a preferred choice of modern-day corporates to ensure handling of their commercial matters seamlessly.
1. Reserve appointment
The firm has expertise to handle and tackle the wide array of issues and concerns pertaining to various challenges which any organization operating in today’s world comes across. B&B is recognized for its excellent strategy and solution oriented approach for the corporate sector. Guidance and assistance to domestic as well as international clients on matters relating to general corporate compliance is our forte. The firm also has a deep insight on laws applicable on domestic and international trade and commerce. B&B sets up a dedicated team of lawyers for contract management and other client matters pertaining to business contracts.
While all above named counsels are well-versed in civil law and procedure, the above names are arranged in seniority of their position in the firm.
**We deject un-ethical and immoral practices, and reserve our rights of extending legal services only to a select clientele which exhibits civility, faith in law, sound moral footing, and good conscience. Our legal counsels defend the ones who have falsely been implicated, and prosecute for those who have actually been victimized – in either case, our counsels reserve their right of exercising discretion in accepting or rejecting a brief/ lawsuit
Public Dealing and Work Timings
Mon – Fri: 10:00am to 6:00pm
Saturday & Sunday: on prior and special request, depending on availability.
Offer, acceptance, consideration, agreement.
When the competent parties to a contract agree upon the same thing in the same sense consent is accrued.
Void agreements are those agreements which are not enforceable under law. Therefore the parties have no legal remedies in case of void agreements.
A ‘voidable’ contract is an agreement which is enforceable by law at the option of one or more of the parties to the contract, but not at the option of the other or others.
A void agreement is void ab-initio, in essence, it is null since it is formed. But on the other hand, a void contract is one that is valid at the time of creation but eventually becomes void, due to certain circumstances, which are beyond the control of parties concerned.
A “contingent contract” is a contract to do or not to do something, if some event, collateral to such contract, does or does not happen.
A contracts to pay to B Rs.10,000 if team India wins World Cup 2020. This is a contingent contract. Therefore the enforceability of this contract is based on team India’s winning of the World Cup 2020. This is a contingent contract.
11. What is the obligation of a person who has received advantage under void agreement?
Party is bound to restore it or make compensation for it to the person from whom he received it.
Change in provisions of a contract
A contract by which one party promises to save the other from loss caused to him by the contract of the promisor himself, or by the conduct of any other person.
The bailment of goods as security for payment of a debt or performance of a promise.
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